scorecardTesla stock is on track for the biggest 2-month surge since 2020 as the EV maker bags more charging deals
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Tesla stock is on track for the biggest 2-month surge since 2020 as the EV maker bags more charging deals

Zahra Tayeb   

Tesla stock is on track for the biggest 2-month surge since 2020 as the EV maker bags more charging deals
Stock Market1 min read
A Tesla Model S at a charging station in New York.    Bruce Bennett/Getty Images
  • Tesla stock is on track for the biggest two-month rally since 2020 as the company secures more charging deals.
  • The shares have surged almost 60% since end-April, buoyed by the EV maker' collaborations with GM, Ford, and Rivian.

Tesla stock is on a roll this year as the electric-vehicle maker's charging technology moves closer to becoming the industry standard, with more users lining up for it.

The Elon Musk-run carmaker's shares are on track for the biggest two-month surge since 2020, advancing nearly 60% since end-April.

The stock rose up 5.34% on Tuesday to $274.45 apiece after EV rival Rivian struck a deal with Tesla where it will use the company's Supercharger network. The deal will grant Rivian drivers access to more than 12,000 Tesla Superchargers in 2024.

"We're excited to work with Tesla and to see collaborations like this help advance the world toward carbon neutrality. The adoption of the North American Charging Standard will enable our existing and future customers to leverage Tesla's expansive Supercharger network while we continue to build out our Rivian Adventure Network. We look forward to continuing to find new ways to accelerate EV adoption," Rivian founder and CEO RJ Scaringe said in a press release.

Simultaneously, Texas said it would mandate Tesla's charging plugs as the standard for the state's electric vehicle charging companies, according to Reuters.

Rivian isn't the only company Tesla has opened up its charging networks to. In recent weeks, the carmaker announced partnerships with General Motors and Ford, allowing both companies to use Tesla's charging stations by 2024.

Wedbush analyst Dan Ives cast bullishness on the deals, saying the new collaborations represent a huge monetization opportunity for Tesla that could see its stock price surge $300 and bring in $3 billion of revenue.

So far this year, Tesla stock has jumped about 123%, as the company's EV price cuts in the US and the China buoyed demand and investors stepped up bets that the Federal Reserve will start cutting interest rates by year-end.




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